DATA & ANALYTICS

Using Lift & Shift’s proprietary suite of data-driven analytical tools, we start by reviewing your pre-program historical data. And once your B2B rewards program is in place we’ll constantly measure how the program participants have been influenced to purchase or sell your brands, products or services. Or in the case of employee incentive programs, to work more productively. All this data is gathered, organized and presented to you via reports and dashboards by Lift & Shift experts. Together we’ll use this information to help shape your ongoing reward program strategies and plans.

Lift & Shift’s Data and Analytics team provides analysis and reporting on virtually any metric you can imagine. These are some of the most popular analyses and insights:

• Participant value – who are the most valuable participants in your reward program; who has the greatest potential for increased performance in the future; what behavior makes these participants your ‘best’. If your reward earners are customers or channel partners, this means delving into their purchasing/selling behavior – things like what do they buy/sell, when, how often, with/without what other products etc.
• Performance behavior – if your participants are customers/partners, we’ll investigate who’s purchases/sales are growing vs. previous periods and why; what’s often bought/sold together (category, brand, product, SKU); and who hasn’t bought/sold products that are typically purchased/sold together. If your program participants are employees, we’ll look into key aspects of their performance.
• Participant attrition – whether your reward earners are customers, channel partners or employees, we’ll identify those who’s cadence of activity with you is slowing or has even possibly stopped, suggesting their loyalty to your company is at risk.

Learn more about your customers behaviour to direct purchasing goals

Our Data and Analytics services team will work with you to create various analyses that will generate insight about the participants in your reward program. That insight will help you identify actionable strategies that will increase more spending from your customers, more sales from your channel partners and on-point performance from employees. Here are some cornerstone strategies as examples.

1. Retain existing customers/channel partners and acquire new ones

Data analytics and the insights they create will help you keep your existing customers and channel partners loyal – especially your most valuable ones.

Typically, your best customers and channel partners represent the top 20%-30% of your accounts/partners. Through data analytics, you’ll understand the transactional behavior that makes them so valuable. This insight will help you devise and implement actions that maintain their engagement and even further boost their value to you where possible.

Using your insight about ‘best’ reward participants and their behavior, you can now attempt to positively influence the bulk of your reward program participants to adopt similar behaviors. Through the reward program and its offers, you can motivate your participants to behave in ways that mimic your most valuable customers and channel partners.

And further, data analytics and insight from a well-structured B2B reward program will help you acquire new customers and channel partners. Understanding your existing participant base will give you an advantage to identify new program participants, and then subsequently on-board them in ways that strengthen their engagement and optimize their lifetime value.

2. Motivate specific, actionable, measurable behavior

Insight derived from data analysis can help identify specific, actionable opportunities to improve your business. Data analysis will highlight potential strategies for specific reward earners and enable you to communicate and influence them on an individual, personalized level.

3. Improve the effectiveness of your reward offers

Data from each participant of your loyalty program is at the heart of personalized reward offers (i.e., promotions that encourage and reward participants for achieving the desired behavior). You need to know if your reward offers worked. Did they provide enough incentive for that desired purchase/sales/performance behavior to happen? Data analysis is fundamental to both creating customized reward offers and evaluating their performance. Our proprietary reward rules engine is part of our reward technology platform, and it creates the dynamic content to personalize the reward offer and messaging a program participantreceives.

4. Amp-up participant engagement

Each customer, channel partner and employee is different, with unique needs and wants. The more you recognize, understand and act upon each of your reward earners’ behaviors, the greater their level of engagement with you, your brands and your reward program. Personalizing the  experience is key to building a strong relationship with you. We use complex data analytics to deploy targeted and personalized communications to your program participants - whether customers, channel partners or employees. Personalized communications convey that you understand them and appreciate their performance.

Your data is secure with us

In a world beset by cyber-crimes, data security is imperative. Lift & Shift is your trusted partner. Your data is your data, and we use it only to administer your program. We offer best in class security processes to ensure its security and integrity. Electronic data is protected by technological means, such as firewalls, access controls and encryption.

The Lift & Shift Advantage

Most companies have access to masses of historical data but often lack an action plan to use it to effectively drive business results. Sometimes those companies lack the internal analytical tools and resources to sift through the data to identify insights, trends, gaps and opportunities. Often, they don’t have the experience to derive key learnings or the time to action it.

Developing the skills to use them requires experience in the field, and they are essential for the success of any B2B loyalty program.

Lift & Shift has a seasoned data analytics team who will place your insights and results in context. We will enable you to leverage your data, discover knowledge and identify opportunities.